2026-10-20 - Finance Committee

00:49Okay, it's high noon in old Cheyenne.

00:51I'd like to call the October 20th

00:53meeting of the Finance Committee to

00:54order. If you're in the room, please be

00:56sure to have your cell phone turned off

00:58or on vibrate.

01:00When making public comment, clearly

01:02identify yourself.

01:04Making public comment online, use the

01:05raised hand function.

01:08And you're in person, approach the

01:09podium and turn on the microphone.

01:12Uh at the end of our agenda, there will

01:14be no additional business discussed and

01:16all communication goes through the

01:18chair. And with that, Madam Clerk, first

01:19item.

01:21>> Agenda item number 28, resolution

01:24reappropriating the fiscal year 2027

01:27budget of the city of Cheyenne according

01:29to the provisions of Wyoming State

01:32Statute 16-4-112

01:35and 16-4-113.

01:38>> Okay, staff report, Madam Treasurer.

01:41>> Good afternoon, uh Mr. Chairman, members

01:43of the committee. Robin Lockman, City

01:45Treasurer.

01:46Uh before you is the first

01:47reappropriation request for fiscal year

01:492027. This is our annual carryover

01:52reappropriation, which we prepare after

01:54the prior fiscal year's books have been

01:56closed and final balances are available.

01:59The primary purpose is to carry forward

02:01funding for projects, grants, and

02:03purchase orders that were not completed

02:04or paid by June 30th.

02:06I provided a detailed detailed memo

02:08outlining the request, so I'll just

02:10touch on a few highlights.

02:12First, we are carrying forward

02:13approximately $17.9 million in

02:16outstanding purchase order encumbrances,

02:18including $1.4 million in the general

02:20fund and $16.5 million in all the other

02:22city funds.

02:24I have provided the list of purchase

02:25orders for your information.

02:27We're also requesting approximately $2

02:29million in unspent general fund project

02:31balances to be carried forward into

02:34fiscal year 2027.

02:36These include funding for city council

02:38award discretionary accounts, police

02:40enforcement activities, capital

02:42improvements, and various projects that

02:44are still underway.

02:46In addition, there are three general

02:47fund expenditures totaling about 156,000

02:50that were recently approved through the

02:52city's procurement process.

02:53We are requesting $83,000 for wild

02:56wildland fire overtime, which will be

02:59reimbursed by the state.

03:01As in previous years, CRE Director Jason

03:04Sanchez is requesting 597,000

03:07from his department's fiscal year 2026

03:09reversions to support both the Civic

03:11Civic Center and the Ice N' Event

03:12Center. His memo explaining the request

03:15is included in your packet.

03:17The re-appropriation also includes all

03:19the carryover of numerous grants and

03:20capital projects in our other city

03:22funds, along with several new grants and

03:24donations received since this the fiscal

03:26year 2027 budget was adopted.

03:29Overall, the majority of the request is

03:30simply carrying forward funding from

03:32existing projects and commitments so we

03:34can continue to work in the next fiscal

03:36year.

03:37And I'm happy to answer any questions.

03:38Thank you.

03:39>> Okay, comments or questions from the

03:40committee for the treasurer.

03:45>> Uh Mr. Chairman.

03:46>> Councilman Wolf.

03:47>> Mr. Chairman, thank you very much. Um

03:49through you to um Treasurer Lockman.

03:53Um

03:54Just so we have this clear on the on the

03:56record for the public's benefit. Um

04:00This is something we do

04:02every year. This is This is absolute

04:04ordinary business. Is Is that right?

04:06>> Uh Mr. Chairman, through you, yes, it

04:08is.

04:08>> No.

04:09Uh and um

04:11we're not making any

04:14decisions of any kind of extraordinary

04:16magnitude

04:18uh in doing this. It's really just

04:20keeping our books

04:23up to date with all the changes that a

04:26large city government with a the budget

04:29that we have must do in order to keep

04:32your books in balance.

04:34>> Uh Mr. Chairman, through you, that's

04:35correct and it's just money you've

04:37already approved in previous budgets, so

04:39it's just bringing them into the new

04:40budget.

04:41>> Right. Right. So, um

04:43then I just want to thank you and your

04:45staff and Brenda for

04:47doing this, keeping us up to date,

04:49keeping the budget uh up to date,

04:52um letting the general public know um

04:55that they can absolutely trust our

04:58accounting

04:59uh and know that it's um audited uh

05:03every year and that we've had um years

05:06of um successful audits under your

05:08leadership. So, thank you.

05:10>> Thank you.

05:12>> Any other comments or questions from the

05:14committee for the treasurer?

05:17Seeing none, we'll go out to public

05:18comment in the room. Any public comment

05:20in the room on this item?

05:24Seeing none, we'll go to public comment

05:26online. Any public comment online?

05:28Nothing?

05:30Okay. Come back to the committee. What's

05:31your pleasure?

05:32>> Mr. Chairman, I move to adopt.

05:34>> Been moved by Councilman Moody, second

05:36by Councilman Wolf. Any further

05:38discussion?

05:39All in favor, signify by saying aye.

05:42Seeing that that vote is unanimous, the

05:44recommendation of the Finance Committee

05:46at the next meeting of the governing

05:47body will be to adopt. Next item.

05:51>> Item number 29, resolution amending the

05:54city's general fund balance policy to

05:57provide for fiscal year end review of

05:59certain general fund balances and

06:01potential transfers to the stormwater

06:03runoff management system account up to

06:06an aggregate amount of $10 million and

06:11and zero cents.

06:16>> Yes, do we have a staff report?

06:25Dr. Aldrich, are you online?

06:32You're going to tackle this one, Mr.

06:33Brody?

06:39>> So, Mr. Chairman, John Brody, city

06:41attorney. Um I really can't comment much

06:44about the policy decision that's before

06:46you. I can just say that um my office

06:48worked with Dr. Aldrich in then

06:49coordinating with the treasurer's office

06:51to make the mechanics of this resolution

06:52work.

06:53Um it would uh take that excess funding

06:56that's identified in the um in the

06:58resolution, shift that general fund into

07:00the existing stormwater account uh that

07:03this body created

07:05about a year or two, almost two years

07:07ago maybe um

07:09before all the litigation, but the

07:10account still exists.

07:12Um so uh the account allows for this

07:14type of uh deposit or distribution into

07:17it and I'm happy to answer any other

07:18questions.

07:19>> Any questions for the from the committee

07:21for the city attorney?

07:25Councilman Wolfe.

07:26>> Councilman Ceja.

07:28Um

07:29Mr. Chairman, through you, thank you.

07:30Thank you, Mr. Brody.

07:32Um

07:33why do we need this? I mean, doesn't the

07:36doesn't the city council

07:38in the future have the power to examine

07:41the reserves at any time, conclude that

07:44there's plenty of money in there to

07:47fund um

07:49stormwater and funnel money into the

07:52stormwater fund. Um

07:54In fact, it was something that uh

07:56Councilman Labor and I proposed 6 months

07:59ago.

08:00Um I just I read this and it

08:03and it looks like

08:04it's kind of a love letter to the future

08:06councils to say um we hope you don't

08:10forget about stormwater. And believe me,

08:12I mean, I'm fully suppo- in support of

08:15funding our stormwater needs. Um

08:19but I I really fail to see the uh

08:23the benefit of a resolution like this.

08:26And maybe you can't speak to that.

08:29>> Mr. Mr. Chairman, you know, I I I I

08:30really can't, right? You have a policy

08:32decision in front of you whether this is

08:34the right policy decision for this

08:35committee and for the governing body. Um

08:37I ultimately defer to you.

08:39>> And Councilman Labor

08:40>> Yep.

08:40>> Thank you, Mr. Chairman. Through you, uh

08:42thank you, sir. Just a mechanical

08:43question and how this works. So, the way

08:46I read it,

08:47if our reserves were to be for 365 days

08:51operating budget for a year, then any

08:54future reserves would go to the

08:56stormwater um account here. Is that how

08:59I'm reading it?

09:01>> Mr. Chairman, and I I would ask uh

09:03Treasurer Lockman to jump in to a

09:04certain extent, but the way that this

09:06has been drafted is that on an annual

09:08basis, if the city's general fund

09:10exceeds 365 days of operating expenses,

09:14then there's a directive to the

09:16Treasurer's office to take whatever that

09:18excess funding amount is and incorporate

09:20it into the reappropriation resolution

09:23that the Treasurer's office uh puts

09:24before this body um on that annual

09:26basis.

09:28>> Okay.

09:28Thank you.

09:31Dr. Weenie.

09:32>> Thank you, Mr. Chairman.

09:33Um

09:35in directing that money to go into the

09:37fund, it's up to $10 million a year,

09:39correct? Is that what how the

09:41legislation is written?

09:43>> Correct. Once that $10 million threshold

09:46is met, then this resolution would have

09:48no operative effect.

09:49>> Thank you, Mr. Chairman. I'd like to ask

09:51Treasurer Lockman,

09:53where currently if we were to exceed

09:56that 360-day level, what funds

09:59what would what what would that fund

10:01amount be that would be transferred?

10:04>> Mr. Chairman, through you. So, right now

10:08well, at the end of June, we had 365

10:10exactly. And so, nothing would be

10:12transferred this year or for last year,

10:14but in next year, whatever the reserves

10:17grow between July 1st to June 30th, that

10:21was what would be and I have no idea

10:22what that would

10:23>> but at this this point, it's

10:26kind of a wash.

10:27>> Yes, that's correct.

10:28>> All right. Thank you, Mr. Chairman.

10:33>> Any further comments or questions for

10:34this city attorney?

10:42Do you want to comment on this one, Mr.

10:44Engineer?

10:47No? Okay.

10:53>> I'll be happy to take the money.

10:54>> would be

10:54>> happy to take the money if it's there.

11:00>> Director Cobb, my question would be is

11:02you had that $10 million, are you able

11:04to

11:05have enough contractors to

11:08do what you would need to do with it?

11:11>> Chairman, I I I originally asked for it

11:14based on the stormwater impact fee. I

11:16only asked for $6 million a year

11:18maximum.

11:19Um

11:20I I and right now, to be quite frank

11:22with you, I don't have the staff to to

11:24run this right now um based on my

11:26current workload. Um I do have two

11:29offers out for two additional engineers.

11:31I I think we are going to move forward

11:33with at least two.

11:34Um but right as of right now, I just

11:36don't have the bandwidth to manage it

11:37right now.

11:38>> That's what we need to hear. Okay.

11:44Okay, we'll go to public comment in the

11:45room.

11:52Welcome, Councilman.

11:55>> Thank you, Mr. Chairman. Um

11:58in terms of uh

12:00how much we have in reserves right now,

12:03um

12:04do I have a figure in dollars?

12:10>> Mr. Chairman, through you. So, um I only

12:13calculate reserves every quarter and I

12:15won't be calculating the September 30th

12:17balance until mid-November when we get

12:19our September sales tax.

12:21But as of June 30th, we had $55,069,825

12:26in spendable reserves. And that's a 365

12:30days.

12:33>> I see.

12:35Oh, that's helpful. Thank you.

12:37>> Good.

12:39Any further public comment in the room?

12:44Seeing none, we'll go public comment

12:46online.

12:47No public comment online.

12:50Okay, come back to the committee. What's

12:52your pleasure?

12:54Dr. Winnie.

12:55>> Mr. Chairman, so that we can discuss it,

12:57I'd move to adopt.

12:59>> Second for discussion.

13:01Been moved by Dr. Winnie, second by

13:02Councilman Moody.

13:04>> Mr. Chairman.

13:04>> Yes.

13:05>> Dr. Winnie.

13:06I think the rationale behind this is

13:09that um

13:11some organizations in the community want

13:16that were opposed to our storm water

13:17utility thought it would be a good move

13:20to show that we are actually working on

13:22that

13:23on our own and that we have some skin in

13:25the game, so to speak.

13:27And as a result, um you know, we can

13:29maybe go to the public and say when it

13:32if things are I don't know what'll come

13:34out of select water in regard to storm

13:36water utilities, but

13:38that we could go back to public and say

13:40we still need to do a storm water

13:41utility, but look, we're putting some of

13:44our money into it, too, so that we don't

13:46have to ask you for as much. So,

13:49um

13:50honestly, I think that's what the

13:52impetus for this was. I understand it,

13:55and I think

13:56if we have the reserves, we should

13:57probably start putting some money into

13:59that on our own. I don't know that I

14:01want to commit ourselves

14:03to um

14:06to to this method of doing it. So,

14:10um and to answer my colleague from from

14:12Ward 1 a little bit ago, yes, the

14:14council does have the ability to

14:16take money out of reserves and and

14:18dedicate it to this cause if we wish to.

14:21So, thank you, Mr. Chairman.

14:24>> Any further discussion? Councilman

14:26Moody.

14:27>> Thank you, Mr. Chairman, through you.

14:29The only thing I've seen here is I would

14:31like to see actual projects toward the

14:34money's earmarked to. Is this for, you

14:36know, the lead in the pipes? Is this for

14:39putting in, you know, updated lines? So,

14:41that's one why I'm struggling with this.

14:44Thank you.

14:46>> Mr. Chairman.

14:47>> Council Dr. Renney.

14:48>> I think if you read it, it's for storm

14:50water runoff. It is not not um

14:53lead pipes and water lines, which comes

14:56under BOP's purview.

14:58Um

14:59we received a

15:02um

15:03in a in a

15:05work session some time ago, we received

15:09from from Engineer Cobb what the

15:11projects would go to, and there was

15:13something like 60 million projects,

15:15which included

15:17repairing um bad inlets, taking care of

15:20like the culverts underneath Hilltop

15:22that Dry Creek are washed out.

15:24And also cleaning up Crow Creek and Dry

15:26Creek. So, that's what the funds would

15:28go to.

15:31>> Councilman Wolf.

15:32>> Mr. Chairman, thank you through you.

15:35Um

15:35I'm going to be a no vote on this until

15:38we have the sponsor here to

15:40explain it at the next council meeting.

15:43Um I mean, I'm totally in support of

15:46funding storm water.

15:48Um and but I also was able to spend some

15:51time with uh

15:52uh Director Cobb and um

15:56storm water is complicated and

15:57expensive. Um

15:59you know, if if this is tied up with the

16:02legislative issues and I'm counting on

16:05Dr. Renny to help solve those. Um

16:09uh

16:10and we'll know more next year whether or

16:13not any of that has borne fruit. Um but

16:18this seems to be a kind of

16:21tangled uh

16:23proposal that I'm not sure accomplishes

16:25much as anything other than kind of

16:28asking future councils um to support

16:30storm water which I would fully assume

16:33they would do anyway. So,

16:35thank you, Mr. Chairman.

16:37>> The uh that all in favor signify by

16:40saying I.

16:42All opposed.

16:44>> No.

16:45>> Seeing that there is no recommendation

16:47from the Finance Committee at the next

16:49meeting of the governing body

16:51on this item.

16:53No recommendation. Next item.

16:58>> Agenda number 30, resolution adopting

17:01the revised City of Cheyenne, Wyoming

17:04investment policy statement.

17:07>> Staff report.

17:09>> Again, good afternoon. Robin Lockman,

17:11City Treasurer.

17:12The item before you today is an update

17:14to the city's investment policy. Our

17:16investment policy establishes the rules

17:18for how we are allowed to invest city

17:20funds with our priorities being safety

17:23first, then liquidity, then finally

17:25return.

17:26One of the primary changes we're

17:27discussing today involves equities,

17:30which are more commonly known as stocks.

17:32When you invest in stocks, you're

17:33essentially purchasing a small ownership

17:35interest in a company.

17:37Unlike traditional investments such as

17:39Treasury securities and insured

17:41certificates of deposit, which generally

17:43provide for repayment of principal at

17:45maturity, stocks do not have a

17:47guaranteed return of principal as I'm

17:49sure you know.

17:50While both stocks and traditional

17:51investments can fluctuate in market

17:53value, stocks generally carry a greater

17:56market risk, but also offer a the

17:58potential for a higher returns over the

18:00long term.

18:01Stocks are generally considered

18:03longer-term investments because their

18:04values fluctuate significantly from year

18:06to year.

18:07However, historically, the US stock

18:09market has averaged approximately 10%

18:11annually over the long term, including

18:14periods of economic downturns and market

18:16market volatility.

18:18While past performance doesn't guarantee

18:19future results, this demonstrates why

18:22stock why stocks can be an appropriate

18:24investment for long funds that are not

18:25needed for many years.

18:27Our investment policy is required to be

18:29reviewed and approved by the governing

18:31body at least every 2 years.

18:33Our current policy was last approved

18:35March 2025, so technically we're not due

18:38for a re-regular review yet. However,

18:41Wyoming voters approved the

18:42constitutional amendment in 2022 that

18:45allowed the legislature to give local

18:47governments that the authority to invest

18:49in equities.

18:50The legislature subsequently authorized

18:52those investments in 2025, subject to

18:55certain requirements and safeguards.

18:57That's the primary reason we're bringing

18:59this policy forward now.

19:01Our investment committee has spent quite

19:02a bit of time discussing how we would

19:04implement this in Cheyenne, and we have

19:06taken what I believe is a very

19:07conservative approach. We are not

19:10proposing to invest all city funds in

19:11equities. That's an important

19:13distinction. Instead, we will identify

19:15funds that won't be needed for

19:17day-to-day liquidity and can keep being

19:19being invested for many years.

19:21Currently, this includes approximately

19:23$47.3 million in long-longer-term funds

19:27comprised of 26.9 million for our

19:30required 120-day general fund reserve,

19:3419.5 million for our landfill

19:36post-closure costs, and 876,000

19:40for our cemetery perpetual care fund

19:42corpus.

19:43The policy then uses a formula based on

19:45the relationship from our total

19:47investments and annual budget to

19:49determine how much of those funds can be

19:51invested in equities.

19:53Under our current calculation, the

19:54maximum is 20% of the 47.3 million, or

19:58approximately 9.5 million that can be

20:01invested in equities.

20:03To put that in for perspective, the 9.5

20:06million represents only about 3.6

20:08million of

20:093.6%, excuse me, of the city's total

20:12investment portfolio.

20:15And the 20% is a maximum, not a

20:17requirement. We can invest less

20:19depending on market conditions, our cash

20:21needs, and the advice of our investment

20:23professionals. We'll update that

20:25calculation each year.

20:27We will also not be selecting individual

20:29stock company stocks.

20:31Instead, the city would invest through

20:33passive, broadly diversified mutual

20:35funds or exchange-traded funds,

20:38commonly called ETFs.

20:40Think of an ETF as a basket of

20:42investments that you can hold shares in

20:44hundreds or even thousands of various

20:46companies.

20:47Rather than putting our money in one or

20:49two companies, we would be spreading it

20:50across a much broader market. This helps

20:53reduce the risk associated with any one

20:55company, although it does not eliminate

20:57market risk.

20:59The policy also establishes targets for

21:01those equity investments that would be

21:03diversified.

21:0470% of the US total stock market,

21:0725% in international developed markets

21:10such as Japan and countries in Western

21:12Europe, and 5% in emerging markets such

21:15as India, Brazil, and Mexico.

21:17Emerging markets are countries with

21:19developing economies and financial

21:21markets that it can offer additional

21:22growth opportunities, but also generally

21:25carry greater risks.

21:27These percentages apply only to the

21:28equity portion of the investments, not

21:30the city's entire portfolio.

21:33They are targets targets, not

21:34requirements. Our investment advisor

21:36will review the allocations at least

21:38quarterly with guidelines for

21:40rebalancing and flexibility to reduce

21:42exposure when appropriate.

21:44Our goal is not to take unnecessary

21:46risks with taxpayer dollars,

21:47particularly funds needed for daily

21:49operations.

21:50By limiting equity investments to a

21:52small portion of our longer-term funds,

21:55we have the opportunity to earn higher

21:57returns, keep place with keep pace with

21:59inflation,

22:00and make better use of public funds. We

22:02recognize the markets will fluctuate,

22:04and that's why we've established very

22:06clear limits, diversification

22:08requirements, and ongoing oversight. If

22:10the policy is approved by the governing

22:12body, we will plan to issue an RFP to

22:15evaluate qualified investment management

22:17firms to help implement and manage the

22:18city's equity investments.

22:21This competitive process will allow us

22:22to compare firms based on their

22:24experience, investment approach, fees,

22:26and ability to meet the city's

22:27investment objectives and policy

22:29requirements.

22:30The investment committee, which is a

22:32comprised of two city council

22:33representatives, two finance experts,

22:36the mayor and myself, reviewed these

22:38changes and recommended revised the

22:40revised policy for governing body

22:41approval, and I'm happy to answer any

22:43questions.

22:44>> Comments or questions for the city

22:46treasurer?

22:48Councilman Wolf.

22:49>> Uh thank you, Mr. Chairman, through you.

22:52Um thank you, Treasurer Lockman. Um so,

22:54who are the two non-city employees that

22:57are on our committee?

23:01>> Shoot, I I'll have to look at that.

23:02They're they're new. Cheryl's one of

23:04them. They both went They both work for

23:06the state

23:07treasurer. So.

23:08>> That's fine. You can submit it.

23:10That's fine. Thank you, Mr. Chairman.

23:15Any other comments or questions for the

23:17city treasurer?

23:19Okay, we'll go to public comment in the

23:21room on this item. Any

23:23Any public comment in the room?

23:26Seeing none, go to public comment

23:28online.

23:29Any public comment online?

23:32Okay, seeing none, back to the

23:33committee. What's your pleasure?

23:34>> Mr. Chairman, I would move to adopt.

23:37>> Been moved by Dr. Woody, second by

23:39Councilman Wolfe. Any further

23:40discussion?

23:42All in favor, signify by saying aye.

23:45Seeing that that vote is unanimous, the

23:47recommendation of the Finance Committee

23:48at the next meeting of the governing

23:50body will be to adopt. Next item,

23:51please.

23:54>> Item number 31, resolution authorizing

23:56up to 18,063,000

24:00$14 interfund loan from the 1% state

24:03sales tax capital projects fund to the

24:06special purpose option sales tax capital

24:08projects fund to facili- facilitate

24:11projects approved by voters at the

24:14August 18th, 2026 specific purpose

24:17option tax election.

24:19>> Staff report.

24:21>> Once again, Robin Lockmann, city

24:23treasurer. The resolution before you

24:25today is really about timing and

24:26allowing us to move forward with

24:28six-penny projects that were the voters

24:29approved back in August.

24:31Collections for the new six-penny tax

24:33will begin on January 1st of 2027, but

24:36those revenues will come into the city

24:38gradually over a few years.

24:40Several of our projects will need

24:42funding before enough sales tax revenue

24:44has accumulated to cover their costs.

24:46Rather than delay these projects while

24:48we wait for sales tax revenues to come

24:49in, we are proposing to temporarily use

24:52available cash from the 1% fund through

24:54interfund loans.

24:55As of June 30th, the 1% fund has

24:58approximately $83.4 million in cash and

25:01investments.

25:02Based on our cash flow analysis, there's

25:04sufficient liquidity in that fund to

25:06provide financing without affecting

25:08affecting the projects already committed

25:10within the 1% fund.

25:12This approach also allows us to avoid

25:13borrowing money from an outside lender

25:15at a higher cost. Essentially, we would

25:17be borrowing from ourselves. As the

25:196-penny revenues are collected, each

25:21project would repay the 1% fund along

25:24with interest.

25:25The interest rate will be based on what

25:27the 1% fund is currently earning on its

25:29investments. So, that fund is

25:31compensated for the investment earnings

25:33it gives up while the money is being

25:35used for the 6-penny project

25:36construction.

25:38The resolution authorizes a maximum of

25:40$18.1 million in interfund loans across

25:42nine project allocations. However, I

25:45want to emphasize that these are maximum

25:46amounts, not necessarily what they will

25:48need to borrow.

25:49Before transferring any funds, we will

25:51look at each project's actual financing

25:53needs and the 6-penny revenues already

25:55collected. If a project has sufficient

25:57funding available, no loan will be

25:59necessary.

26:00I anticipate in most cases the actual

26:02amounts borrowed will be less than what

26:03was authorized.

26:05The resolution also establishes

26:06safeguards. Each project has a maximum

26:08loan amount and an anticipated financing

26:10date.

26:11We would only make one transfer per

26:13project. Interest would be accruing only

26:15when the funds are actually transferred,

26:17and each loan must be repaid from the

26:19project's 6-penny revenues within 4

26:20years. Loans can be repaid early without

26:23penalty as well.

26:25One of the biggest benefits to this

26:26approach is being able to move forward

26:28with construction and equipment

26:29purchases rather than waiting several

26:31years to accumulate the necessary

26:32funding.

26:34With construction costs and equipment

26:35prices continually rising, delaying

26:38these projects could ultimately cost the

26:39city more money.

26:40I believe this is a fiscally responsible

26:42way to keep these voter-approved

26:44projects moving forward while protecting

26:46the 1% fund and it's ensuring it's

26:48repaid with interest.

26:50I'd be happy to answer questions. Thank

26:51you.

26:52>> Comments or questions from the committee

26:53for the city treasurer?

26:58Seeing none, we'll go to public comment

27:00in the room on this item.

27:02Any public comment in the room?

27:05Seeing none, we'll go to public comment

27:07online.

27:09Public comment online.

27:12Seeing none, back to the committee.

27:14What's your pleasure?

27:14>> Mr. Chairman, I move to adopt.

27:16>> Second.

27:18>> Been moved by Councilman Moody, second

27:19by Councilman Wolf. Any further

27:21comments? Councilman Moody?

27:23>> Yep. Thank you, Mr. Chairman, through

27:24you. Uh just for the public is aware, uh

27:26some now these nine um are essential

27:29services, fire and police.

27:33So, again, they were approved by the

27:35voters. I would say we need to get these

27:37done quickly, especially with the fire

27:39station, also the uh

27:42police equipment as well. Thank you, Mr.

27:43Chairman.

27:45>> Dr. Rainey?

27:46>> Mr. Chairman, thank you. I

27:48I know I'm delaying the meeting because

27:50I'm stating the obvious, but it just

27:52makes sense for us to do this. If we can

27:54if we can fund it up front and save

27:55having to borrow money,

27:57and as my colleague from Ward 3 said,

27:59get started on them immediately. I'm

28:01assum- I'm assuming that the longer we

28:03delay, the more expensive they'll be.

28:04So,

28:05um this is a way to to uh be good

28:08stewards. We're often sometimes accused

28:10of not being good stewards of public

28:12moneys, but in this case, we definitely

28:13are.

28:15>> Councilman Wolf?

28:16>> Uh Mr. Chairman, thank you, through you.

28:19Um I'd like to echo I uh

28:22support and uh for the comments of my

28:25fellow councilman. This is actually one

28:27of the reasons I love serving on this

28:29committee,

28:30um is that um

28:32I mean, these are the kind of

28:34forward-looking,

28:36absolutely progressive

28:39tasks and undertakings that that the

28:41city does to make sure that we're

28:44managing our our financial resources,

28:46but also being uh

28:48very good stewards of the things that um

28:52we need to acquire and and for the

28:54police and fire and public safety and

28:58uh all of this equipment that is so much

29:00more sense to buy them now rather than

29:03wait

29:04uh for us to collect this money. So,

29:06thank you for doing this. Thank you for

29:08bringing the resolution uh

29:10Mr. Chairman. Thank you.

29:12>> All in favor signify by saying I.

29:14>> I.

29:15>> Seeing that that vote is unanimous, the

29:17recommendation of the finance committee,

29:19the next meeting of the governing body

29:20will be to adopt. Next item.

29:26>> Item number 34, leases, contracts,

29:28legal.

29:29This is 34E

29:322026 development agreement between the

29:34city of Cheyenne, Granite Peak

29:36Development LP, Laramie Land Holdings

29:39LLC, Two R Investments LLC, Granite Peak

29:43Transloading LLC, and those entities

29:46assigned under ownership and Clear

29:49Creek Land Company LLC and Swan Ranch

29:51LLC relative to the Swan Ranch

29:54development area.

29:56>> Staff report.

29:58>> Chairman Esquibel and members of the

30:00finance committee, Tom Cobb, city

30:01engineer. Um before you and for your

30:04consideration is what I just consider

30:06the 2026 development agreement between

30:08the city of Cheyenne and Swan Ranch.

30:09Obviously, there are several entities

30:11involved. Um the purpose of this

30:13agreement was to establish um update

30:16requirements for the development, um

30:18define infrastructure responsibilities,

30:21and replace the prior development

30:22agreements both in 2011 and 2013

30:27for the land still owned by the listed

30:28developer and owners that are listed

30:30above. Um

30:32primary components of the agreement and

30:34I'm just the speaker on this behalf.

30:36This has been probably a two-year

30:38um work and led by John Brody and

30:41several and attorneys on their side as

30:43well. Um, it defines the new Swan Ranch

30:47development area, which excludes

30:49railroad lands and all prior fees that

30:52to be not be paid anymore. It also shows

30:55excluded lands east of I-25 and lands

30:58north of the area boundary that's

30:59defined in the exhibit.

31:01Um, it establishes and finalizes roadway

31:04standards and improvements. That's an

31:05exhibit C.

31:07It

31:08kept the same public infrastructure fee

31:10at 1,400 per acre, but now it caps it at

31:13a maximum collection at 1,742,824

31:18dollars.

31:19Um, we currently have a held balance of

31:22267,766

31:26and the occur accrued unpaid fees are

31:2977,126.

31:32The net remaining to be collected is

31:341,397,932

31:37and all outstanding amounts are due

31:38within 30 days of execution of this

31:40agreement with interest accrues of 8%

31:43annually.

31:44Um, fees are restricted to

31:45infrastructures benefiting the new Swan

31:47Ranch development area that I defined

31:48below in that exhibit. And finally, I

31:51would say it also then sets now where

31:54sidewalks and multi-use paths would be

31:56shown on Clear Creek Parkway and some of

31:58that fee would be used for that. It

32:00really just defines the area on Clear

32:02Creek. The previous agreement was very

32:05open and ambiguous about where these

32:07fees would actually be applied.

32:09Um, we we made them come up with a

32:11traffic study to take a look at Clear

32:13Creek Parkway overall. We believe the

32:15intent of the original agreement was a

32:17five-lane section on Clear Creek

32:19Parkway. That no longer is going to be

32:21necessary because the industrial

32:22development that we're having out there

32:24is much much different than when it was

32:26first conceived way back in 2010. So,

32:29what we're looking at eventually is

32:31improvements intersection improvements

32:32at at least two intersections and this

32:34multi-use path that we're looking at. No

32:37no need to widen to a five-lane section.

32:39And with that, I'll take any questions

32:40you have and and Joe Stevenson is here

32:43from Granite Peak as well to answer any

32:45questions you might have on their

32:46behalf.

32:47>> Any comments or questions from the

32:49committee for city engineer?

32:55Okay, we'll go to public comment in the

32:57room.

32:58Any public comment in the room on this

32:59item?

33:02Seeing none, we'll go public comment

33:04online.

33:06Public comment online.

33:08Okay, seeing none, come back to the

33:10committee. What's your pleasure?

33:12>> Mr. Chairman, I move to approve.

33:14>> Second.

33:15>> Been moved by Councilman Wolf, second by

33:17Dr. Rennie. Any further discussion?

33:20All in favor, signify by saying aye.

33:22>> Aye.

33:23>> Any nays?

33:25The recommendation of the Finance

33:27Committee will be to adopt the next

33:30to approve at the next meeting of the

33:31governing body

33:33with Councilman Moody voting no. Next

33:35item.

33:39>> Item number 35A.

33:41Consideration to purchase between the

33:43City of Cheyenne and Lenco Industries

33:46Incorporated doing business as Lenco

33:48Armored Vehicles for the purchase of two

33:50BearCat G3 Armored Vehicles for the

33:52Cheyenne Police Department.

33:54>> Staff report.

33:56>> Hey, good afternoon, chair, mayors

33:57committee. This is uh Lieutenant Brett

33:58Drain of the Cheyenne Police Department.

34:00What you have before you is a

34:01consideration to purchase for this

34:03between the City of Cheyenne and Lenco

34:05for the purchase of two

34:08Lenco BearCat G3 Armored Vehicles for

34:10the Cheyenne Police Department.

34:12Be a single source purchase, therefore

34:13no other bids are requested and the

34:14total amount of the purchase is

34:16$853,980.

34:19Split between the federal forfeiture

34:20funds and general funds reserved. And I

34:24would like for the committee to provide

34:26just a little bit of background

34:27information on our project and current

34:29state of our

34:30our current rescue vehicles.

34:32The police department currently has

34:34what's called

34:36military surplus vehicles called MRAPs,

34:38mine resistant ambush protected

34:40vehicles.

34:42They were originally were designed for

34:44the military

34:45working on the battlefields of Iraq,

34:47Afghanistan. They're not really designed

34:48for

34:49civilian law enforcement. So, the

34:51purpose of this project is to replace

34:54those military vehicles

34:56with a specifically purpose-built

34:59tactical vehicle for the police

35:00department.

35:03Our current

35:04MRAPs weigh approximately 40,000 lb

35:08versus the civilian version about 20,000

35:10lb, about half the the uh

35:12weight.

35:15Our military

35:16platforms are increasingly causing us

35:18maintenance issues.

35:19Over the course of the last year, we've

35:21had three separate instances where our

35:23military vehicles were non-deployable.

35:26Maintenance costs ranges up to um very

35:30expensive, and the biggest problem is

35:32sourcing these military parts. It's been

35:35increasingly problematic for the police

35:37department.

35:39They're difficult to locate,

35:41and sometimes they're just sourcing off

35:43prior MRAPs that are un- un-deployable

35:46for other agencies.

35:49The MRAPs also

35:51require specialty licensing. Our

35:52officers are required to get a class B

35:54CDL to drive them versus the Lenco

35:55BearCats, where we have a class C

35:58license can drive them.

36:01Some of the advantages of our BearCats

36:03over the MRAPs, they're smaller,

36:05lighter, more maneuverable, they're

36:06purpose-built,

36:07um and they would help our officers

36:10respond to hostage re- uh

36:12barricade incidents, active threats,

36:14high-risk incidents.

36:16They're built on a 550 chassis from

36:18Ford, so they're easily to work on. Um

36:20we can source parts through Lenco,

36:22through Ford dealerships to support the

36:25the maintenance costs.

36:28And they're very very purpose built um

36:31and that's why the uh we we see a very

36:33very very

36:34long-term

36:36um maintenance costs, things like that

36:39were uh would would help out the shops.

36:41They've approved them.

36:43So,

36:44with that being said, I can stand by for

36:46any further questions as as far as this

36:48project's concerned.

36:50>> Any questions for Officer Gerani from

36:52the committee?

36:54Councilman Moody.

36:55>> I thank you, Mr. Chairman, through you.

36:56I thank you, sir. Now, besides that,

36:59would you say it's very helpful for

37:01weather-related emergencies, say

37:03blizzard or God forbid tornadoes and

37:07that? Would this be very helpful for

37:08those emergency situations

37:11if some power ambulances can't go

37:13anywhere because of deep snow?

37:15>> And Chairman, through you to Mr. Moody,

37:16yes, so that's a great question. I don't

37:18know if you remember the

37:19the difficulty we had responding to

37:21incidents in the blizzards back in uh

37:23years and years ago, our MRAPs were the

37:26only vehicles that the Cheyenne Police

37:28Department was responding to in those

37:30situations. Our patrol cars couldn't do

37:31it. Um they're they're these off-road G3

37:35packages are designed for off-road

37:37capability, snow,

37:39imminent uh weather conditions such as

37:41that. Um so, we even in our policy, we

37:44we designed them to be a rescue vehicle,

37:46but we also have them on standby on any

37:49type of weather inclement issues.

37:54>> Okay. Councilman Wolf.

37:56>> Uh um thank you, Mr. Chairman, through

37:57you. Officer, thank you very much for

37:59bringing this to us. Um so, the

38:01estimated service life of these

38:03Bearcats?

38:04>> So, Chairman, through you to Mr. Uh so,

38:06the service life of these uh they're

38:07looking at a 10-year service life. Now,

38:10I can tell you just from experience I've

38:12been at the police department for 22

38:13years. We've had multiple different

38:16surplus vehicles. Prior to our MRAPs, we

38:18had what was called a Peacekeeper. Prior

38:20to that, we had what just a van that we

38:22used as a delivery vehicle.

38:24So, and we're looking at about 15 years

38:27on these vehicles right now, our current

38:29MRAPs, and through continued use, Lenco

38:33is looking at about 10 to 15 years life

38:36for those vehicles that are used very

38:38regularly. Now, ours, we live in a very,

38:40very good community, a very, very, very

38:43lower crime rate, so they're not going

38:45to be used as much, so I'd like to see

38:47that service life extended past that 10

38:50to 15 year mark.

38:51>> Mhm. Uh Mr. Chairman, a follow-up.

38:53>> Go ahead.

38:54>> Thank you. Um

38:56do we have the garage space to to uh

38:59house these vehicles?

39:00>> Yeah, Mr. Chairman, through you. So,

39:02currently, our armored vehicles are

39:04stored at a shared facility with the

39:06Cheyenne Fire Rescue. We currently will

39:09would would end up replacing these

39:11vehicles, they would go away, our two

39:12would come, and we would store them

39:14ultimately in that area, and we're also

39:17looking to build further um an expansion

39:19of the storage facility in town that's

39:21closer. Um so, yeah, they're going to be

39:23indoors,

39:24um away from, you know,

39:26the security issues wouldn't be a

39:28problem, and then they would be extend

39:30the service life on those as well.

39:32>> Right. One more question. Go ahead, sir.

39:34Um I saw that there's about a 22-month

39:37delivery time frame for these, so

39:40they'll be coming in um

39:432028

39:44or early 2029,

39:47something like that.

39:48>> Yes, sir, and Chair, through you. And

39:49that is unfortunate, um and that's why

39:51we would like to get those approved um

39:54and on the uh the build sheet for like

39:56that. Um they do they do promise out to

39:5822 to 24-month time frame, but I would

40:00like to think they could be a few months

40:02shy of that. Um as my discussions with

40:04the manufacturer, um they they promised

40:06that um that timeline and try to um

40:09hurry up the uh

40:11by a couple months, I think.

40:13>> Okay.

40:13Um thank you, Officer. Thank you, you

40:15Chairman.

40:17>> Okay, any further comments or questions

40:19for the committee?

40:21Let's go to public comment in the room

40:23on this item.

40:25Any public comment in the room?

40:28See none, go to public comment online.

40:31No public comment online, back to the

40:33committee. What's your pleasure?

40:35>> Uh Mr. Chairman, I move to approve the

40:37amount of $853,980.

40:41>> Second.

40:42>> Been moved by Councilman Moody, second

40:44by Councilman Wolf. Any further

40:46discussion? Councilman Moody?

40:47>> Thank you Mr. Chairman, through you. Uh

40:49one thing to think about, I really do

40:52foresee these being used in

40:53weather-related emergencies,

40:56especially we have a severe blizzard,

40:59or God forbid tornadoes,

41:01they can get through and they're

41:02off-road. And we definitely need that,

41:04especially if some of our ambulances

41:06can't get through the snow.

41:08Or from IPR for them to access areas

41:10that are blocked, they can get through

41:12there. So, I see these being used more

41:13for weather- related emergencies, and

41:16also trying to help people of the public

41:18that, you know, need to go to the

41:20hospital or somewhere else. So, I really

41:22do foresee that more than anything.

41:24Thank you.

41:26>> All in favor, signify by saying aye.

41:30I'm seeing that that vote is unanimous.

41:31The recommendation of the finance

41:33committee at the next meeting of the

41:34governing body will be to approve the

41:36amount of eight

41:38hundred and fifty-three thousand nine

41:40hundred and eighty dollars. That being

41:41our last item,

41:43no further business in front of this

41:45committee, we are adjourned.

41:47>> Thanks Mr. Chairman.